Company profile
SEC EDGAR ↗- Industry
- Retail-Drug Stores and Proprietary Stores
- Listed
- NYSE: CVS
- Incorporated
- DE
- Headquarters
- Woonsocket, RI
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $402.1B
- Net income
- $1.77B
- Total assets
- $253.5B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $402.1B | $1.77B | $253.5B |
| FY2024 | $372.8B | $4.61B | $253.2B |
| FY2023 | $357.8B | $8.34B | $249.7B |
| FY2022 | $322.5B | $4.31B | $228.3B |
| FY2021 | $292.1B | $8.00B | $233.0B |
| FY2019 | $256.8B | $6.63B | $222.4B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Cases on CVS Health, and the casebook each one belongs to.
| Fork date | Decision type | What CVS Health chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2014 | Cannibalization Choice | Remove all tobacco products | Pharmacy same-store sales rose 4.8%; segment revenue climbed 3.1% to $16.7 billion (2014) | Read the story → | Cannibalization Choice Casebook → |
| 2018 | The Cross-Subsidy | Acquire Aetna insurer | fell 38% to $8.5 billion, dragged by the insurance arm (2024) | Read the story → | The Cross-Subsidy Casebook → |
| 2021 | The Fall | Close ~900 stores | operating income fell 38% in 2024, attributed to weaker adjusted operating income and higher restructuring charges (2024) | Read the story → | The Fall Casebook → |
Videos on CVS Health
Run one of these yourself
The decisions CVS Health faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
CVS Bought Every Piece of the Healthcare Chain. Owning the Risk Is the Part It Can't Price.
CVS spent ~$78B on Aetna and $10.6B on Oak Street to stop being a pharmacy and start being healthcare itself. The design is elegant. But its Aetna Medicare loss ratio hit 90.4% in Q1 2024, and the insurance arm lost $439M in a single quarter.
8 min
The Cannibalization Choice · Growth & Portfolio
CVS Quit Cigarettes. The $2 Billion Headline Hid the Real Trade.
In 2014 CVS walked away from ~$2B in tobacco revenue and called it the right thing to do. The number is real but misleading: ~$1.5B was direct sales, ~$500M was basket — and the company said it didn't touch 2014 EPS. The sacrifice was the point.
7 min
The Cross-Subsidy · Business Model
CVS Calls Itself a Health Company. It's a PBM Carrying Two Expensive Passengers.
Wall Street thinks the Aetna deal turned CVS into a diversified powerhouse. In 2024 the insurer's adjusted operating income collapsed 94% - from $5.6 billion to $307 million - and the stores kept closing, while one segment quietly threw off $7.2 billion and held the whole thing up.
7 min
The Fall · Crisis & Reinvention
Everyone Blames the Opioid Settlement. CVS Decided to Close the Stores a Year Earlier.
CVS's board authorized closing ~900 stores on November 17, 2021—nearly a full year before the $5B opioid settlement. The real culprit is a margin that fell from 9.9% to 4.6% in eight years. The settlement was a convenient story.
7 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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The defining moves in business, and what they teach, as they publish.